NY -- Standard&Poor's CreditWire 8/25/97 -- Standard&Poor's today affirmed its single-`A'-minus rating on California Health Facilities Financing Authority, Calif.'s $58.46 million outstanding series 1993 hospital revenue bonds, issued for Downey Community Hospital. The outlook is stable. The rating reflects: -- Excellent liquidity with 399 days' cash and 155% cash as a percentage of debt; -- Improved profitability with good debt service coverage averaging 3.4 times (x) the last two years; and -- Growth of the hospital's managed-care business highlighted by 9% enrollment growth for Downey's private label senior plan. Offsetting factors include declining inpatient utilization, which is mitigated somewhat by increases in outpatient visits, but has lead to a 16% decline in revenues from 1993 to
